AML/CTF Programs

An AUSTRAC reporting entity is required by the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act 2006 to adopt and maintain procedural documentation to address the obligations imposed by the Act. The AML/CTF Program must comply with the AML/CTF Rules.

If you provide remittance services, you will be required to have an AML/CTF Program in place in order to finalise your registration with AUSTRAC. Sophie Grace can provide an AML/CTF Program which is tailored to your remittance business.

If you would like further information of assistance, please contact Sophie Grace directly.

In general, if you provide any of the following types of financial services, the AML/CTF obligations are likely to apply:
Account and deposit taking services
AFSL holder arranging a designated service
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An AML/CFT program tailored to your business would form part of a body of documentation required by law to meet your AML/CTF obligations.
These could include:-
AML/CFT Company policy
Ongoing Customer... Continue Reading

The AML/ CFT Act requires that businesses arrange an independent audit of your AML/CFT program a minimum of every 2 years.
Sophie Grace recommends that your AML/CTF Program is reviewed at least annually. Sop... Continue Reading

What is a Remitter?
A Remitter (someone who transfers/sends/receives money) provides services to clients in any of the following capacities:
Independent Remittance Dealer: Businesses that provide remitt... Continue Reading